NEWPORT ANNOUNCES SECOND QUARTERLY CASH DIVIDEND OF 2023

About this update from Newport Exploration Ltd

[{"type":"text","content":"\n \n \n \n NEWPORT ANNOUNCES SECOND QUARTERLY CASH DIVIDEND OF 2023\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n Trading Symbol: NWX (TSX-V)\n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n May 10, 2023\n \n \n /CNW/ - Newport Exploration Ltd (\"Newport\" or \"the Company\") is pleased to announce its second quarterly cash dividend (\"the Dividend\") in 2023 of\n \n $0.01\n \n per share to its shareholders of record at the close of business on\n \n May 26\n \n \n th\n \n , 2023. The Dividend payment date is\n \n June 12\n \n \n th\n \n , 2023.\n \n \n \n \n \n \n \n \n \n The Dividend, fully approved by the Board of Directors, is not subject to any changes and has been designated as an \"eligible dividend\" for Canadian income tax purposes.\n \n \n \n \n About\n \n Newport\n \n \n \n \n \n \n Newport\n \n has an advantageous business model with a 2.5% Gross Overriding Royalty (\"GOR\") over permits in the Cooper Basin,\n \n Australia\n \n , operated by Beach Energy Ltd (\"Beach\"). There is no time limit or expiry date on the GOR assets, and no cost to the Company to retain them.\n \n \n \n Newport\n \n has no control over operating decisions made by Beach. Accordingly, this prevents the Company from commenting on Beach's operating plans going forward. The Company recommends that shareholders and potential investors access material information relevant to the Company as released independently by Beach and Santos Ltd in order to keep current during exploration, development and potential production of all the licences subject to the Company's GOR. The Company receives its GOR from Beach which is not a reporting issuer in\n \n Canada\n \n , therefore\n \n Newport\n \n is not able to confirm if the disclosure satisfies the requirements of NI 51-101 - Standards of Disclosure for Oil and Gas Activities, or other requirements of Canadian securities legislation.\n \n \n The Company currently has 105,579,874 common shares issued and outstanding and approximately\n \n $3.2 million\n \n in the Treasury (comprised of cash, cash equivalents ...

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